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A corporation expects to receive $50,000 each year for 8 years from the sale of a product. There will be an initial investment of $160,000. Manufacturing and sales expenses will be $20,300 per year. Assume straight-line depreciation, a 8-year useful life and no salvage value. Use a 30% income tax rate. Determine the projected after-tax rate of return (use closest rate from table. Do not interpolate.).